Association of Russian Bankers (ARB) offers to pass special federal “Islamic finances” law, which would regulate activity of Islamic credit organizations in Russia.
Association of Russian Bankers (ARB) offers to pass special federal “Islamic finances” law, which would regulate activity of Islamic credit organizations in Russia. Except that ARB considers the importance of creation of central sharia council at Bank of Russia, which will define conformity of financial operations of Islamic banks to religious concept. That was the plot of the letter of association addressed to Central Bank.
ARB denotes that Islamic banking is alternative to traditional banking. The case is about prohibition of loan interest and usury (riba), excessive risk (garar) and uncertainty (maysir). It is restricted to invest and collect he revenue from forbidden actions: production and sale of pork, alcohol, weapon and “low-lying” feelings industry – prostitution, pornography and gambling. In the letter of ARB explained that all financial instruments and dealings in Islamic banks should be approved by sharia council, which operates at structure of credit organization.
ARB considers an undeveloped regulatory base interrupts the activity of Islamic banks. “None of Russian juridical documents has no definition what is “Islamic financial institute” or “bank, which operates with Islamic financial concept”, “sukuk”, “mudabara” – written at the letter of association. In order to make that clear association suggested passing special federal “Islamic finances” law, which in addition will give the definition for all concepts.
ARB consider necessary to create instruction of bank organization registration as Islamic financial institutions and to provide separate licensing. ARB offers to create central Sharia council within frames of Central Bank, which will be arbitrator of final instance, which define compliance of banks operations to Islam concept.
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